The number of suburbs across the nation where it is cheaper to rent a house or apartment has doubled in the past three years as sharp mortgage increases exceed rent rises.
The number of suburbs across the nation where it is cheaper to rent a house or apartment has doubled in the past three years as sharp mortgage increases exceed rent rises, according to analysis conducted for Smart Investor by researcher CoreLogic.and more people returning to major cities as the threat from COVID-19 eases.
Many future home buyers have traditionally chosen to rent while they saved or increased their deposit and looked for their property because it was cheaper than paying a mortgage.
According to CoreLogic, which monitors property markets, the percentage of Melbourne suburbs where it is cheaper to service a mortgage on an apartment than pay rent has plunged from about 11 percent to 2 per cent during the past three years. “The sharp rise in the cost of mortgage repayments comes despite rental rates having increased substantially in percentage terms,” according to Tim Lawless, research director.The analysis is based on the median price of a dwelling rising from about $612,000 to around $702,000 and the average interest rate rising from 2.96 per cent to 5.23 per cent.During the same period the national median monthly dwelling rent has jumped from $1985 to $2444.
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